Bitcoin, Ether, and XRP Weekly Market Update January 13, 2020
The total crypto market cap added $15.6 billion to its value for the last seven days and now stands at $216.9 billion. The top 10 currencies were all in green for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performers with 45 and 18 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $8,091 while ether (ETH) moved up to $143. Ripple’s XRP is trading at $0.211.
Bitcoin continued with its good performance on Sunday, January 5 and climbed up to the important level at $7,500 during intraday. It closed the session at $7,357 with 1.8 percent of a price increase for the week.
On Monday, BTC started the new trading period by drawing a huge green candle to $7,762. It successfully broke above $7,500 as the run also resulted in a 5.5 percent increase.
On Tuesday, January 7, the most popular cryptocurrency continued to rise by moving up to $8,160. The BTC/USD pair broke the psychological level of $8,000 and also managed to surpass the 100-day exponential moving average (EMA) for the first time since September.
The mid-week session on Wednesday was no different as BTC was on its way to form its sixth consecutive green candle targeting $8,400. It peaked at $8,452, just to crash in the evening and fall all the way down to $8,042.
The stability of the mid-$8k levels was pointing to a potential rejection near that zone as it proofed to be a solid support/resistance line in the past.
On Thursday, January 9, we saw the BTC/USD pair moving further down to the next support line, $7,800. It lost 2.5 percent of its value.
As predicted, bulls found their bottom and initiated another upward movement on Friday. The leading cryptocurrency climbed to $8,205 without being able to test again $8,400.
On Saturday, January 11, it made a step back to $8,006, which was followed by a positive session on the last day of the week when BTC reached $8,185 and ended the week with 11.5 percent of increase.
The Ethereum Project token ETH remained in the zone around $134-$135 on Sunday, January 5. It ended the 7-day period flat.
The first day of the new week came with a solid green candle as during the session bulls managed to push the price of ether all the way up to $144. The coin added 6.6 percent and was eyeing $150.
On Tuesday, January 7, the leading altcoin was not able to continue its way up and fell right to the support line at $140 during intraday. Buyers, however, did not allow further decrease and ended the day with a small loss to $143.
The Wednesday session was somehow similar to the ETH/USD pair was not stable enough to initiate an upward movement. It was trading in the wide-area between $147-$136 and closed at $140, keeping above the temporary support line.
The recent surge resulted in ETH moving above its 50-day EMA as trading volumes increased to $10 billion on Wednesday compared to $8 million at the beginning of the week.
On Thursday, January 9, the coin dropped further to $137.7 and formed its third consecutive losing session on the daily chart.
The last day of the week brought another sharp movement upwards. This time, the altcoin climbed up to $144, right at the upper side of the $140-$145 support zone we are currently monitoring.
The first day of the weekend came with a small loss to $142 as bulls could not extend gains even though they peaked at $148 during the day session.
On Sunday, January 12 the ETH/USD pair moved up to $146 and closed the 7-day period 8 percent higher.
The Ripple company token XRP moved up to $0.194 on Sunday, January 5, still in the middle of the ranging zone we drew a few weeks ago. It remained flat for the 7-day period.
On Monday, it skyrocketed to $0.223, which resulted in a 15 percent price increase in just one session. The previously mentioned target of $0.215 was successfully surpassed as trading volumes almost doubled from $1.1 billion in the morning on to more than $2 billion in the evening.
We saw the XRP/USD pair correcting its price on Tuesday, January 7. It moved down to $0.213. The decline was followed by another red session on Wednesday, during which the coin fell further to $0.207.
Bulls were obviously not able to consolidate and extend the recent gains, so on Thursday, January 9 we witnessed the formation of a third consecutive red candle on the daily chart. The “ripple” closed at $0.203.
The last day of the workweek brought some relief for bulls as the major altcoins climbed up to $0.2127 partially erasing the losses from the last few sessions.
The weekend of January 11-12 started with a calm trading day on Saturday. The price of XRP registered a small loss to $0.2111 after moving in the $0.219 – $0.208 zone.
On Sunday, January 12, it moved back up to the $0.215 line.
Altcoin of the Week
Our altcoin of the week is Bitcoin SV (BSV). The Bitcoin Cash fork, which is also known as Bitcoin Satoshi’s Vision added the stunning 46 percent to its value for the last seven days and is now 69 percent up for the last two weeks.
The BSV peaked at $172.7 on Saturday, January 11 and moved up to #8 on the CoinGecko Top 100 list with a total market capitalization of approximately $2.9 billion.
The main reason behind the surge is the continuing legal dispute between Bitcoin SV’s founder Craig Wright, the crypto community and the Florida district court. The self-proclaimed bitcoin creator submitted on Friday, Thursday 9 hundreds of documents related to the so-called Tulip Trust where billions worth of bitcoins were stored during 2009-2010 by Wright and his partner and thus confirming his connection to the funds.
As of the time of writing, the altcoin is trading at $160 against USD on the Bitfinex platform.